Bitcoin has recently found support at key technical levels and successfully broke through an important psychological barrier. This rally is mainly driven by technical factors rather than a single news catalyst. There is an interesting phenomenon in the market — when a large number of investors turn bearish, it often signals a potential reversal in the trend.

However, on-chain data currently reveals a hidden risk. A significant proportion of Bitcoin holders are in a state of unrealized loss. This situation could be a sign of panic capitulation, but it might also mean that subsequent gains will face heavy selling pressure from those looking to cut losses.

More complex is the challenge to Bitcoin's "digital gold" narrative. Traditional precious metals are performing strongly, and many safe-haven funds are flowing into them. This weakens Bitcoin's unique appeal.

That said, positive statements from high-level officials have injected confidence into the long-term outlook. The market needs sufficient time to digest these complex factors and establish a more solid foundation for upward movement.

📊 **Technical Reference Data:**
Current Price: 89652.0 USDT
🟢 Support Level: 88300.5 (near support, consider positioning)
Support Range: 86619.9 - 87566.0
🔴 Resistance Level: 90373.4 (close to resistance, watch for risks)

💡 **Simple Strategy:** When near support levels, place buy orders; if support is broken, stop-loss.